US Fed Chairman Had A Meeting With Coinbase Leaders In May

A meeting had been conducted between the Fed Chairman of the U.S. (Jerome Powell), the representative from Digital Dollar Project (Chris Giancarlo), and Brian Armstrong (the CEO of Coinbase) during May. The move to contact the famous names in finance was initiated by the leader of the Federal Reserve. On 11th May, according to the routine of work, a one-to-one meeting was fixed by Powell with the chairman of a crypto exchange organization named Coinbase Global Inc.

Another person invited to the meeting was an ex-speaker from the United States House of Representatives named Paul Ryan. The duration of the meeting was approximately 30 minutes, and the participants provided no specific details about the subjects touched in the discussion despite Bloomberg’s tries to seek out some information from Coinbase and Fed.

American Cryptocurrency and the Coinbase

Recently, some of the prominent political leagues have been maintaining a good relationship with Coinbase. Indeed, Brian Brooks, the ex-head legal officer of the firm, was selected for the position of the currency’s Comptroller by the administration of Donald Trump (the former President of the United States). He left his place, and Binance US accepted him as the CEO of the company after the change of power to Joe Biden.

In the period of Brooks, a lot of the facilities were provided to various crypto firms for their business, particularly licensing.

Similarly, Coinbase has been expanding its services for the institutions and individuals, including an increase in the sum of its supported tokens, due to the favorable attitude from the authorities as well as the previous spike in the cryptocurrency.

Although, Coinbase has been set as a standard for the crypto business in the United States yet it has gained legitimacy for the cryptocurrency by the incorporation of direct listing.

The Rout toward a Digital Dollar

Jerome Powell is not recognized as a pro-cryptocurrency person. As a matter of fact, on various occasions, the volatility of crypto has been criticized by him. A recent webinar presented his big attack on Bitcoin (BTC), where he said that BTC was an outstanding example of the crypto’s volatile nature.

The day following his meeting with the Coinbase representative, Powell conducted a video discussion with the Digital Dollar Project’s representative Chris Giancarlo to talk about the central bank digital currency (CBDC) of the United States.